Cno Financial Group, Inc. · NYSE:CNO
Cno Financial — Q4 2025 Earnings Presentation
45 slides from Cno Financial's earnings presentation, Feb 6, 2026
Slide 1: Fourth Quarter 2025
Fourth Quarter 2025 Financial and operating results for the period ended December 31, 2025 February 5, 2026 Unless otherwise specified, comparisons in this presentation are between 4Q24 and 4Q25. 1
Slide 2: Important Legal Information
IMPORTANT LEGAL INFORMATION Forward-Looking Statements Certain statements made in this presentation should be considered forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. These include statements about future results of operations and capital plans. We ca
Slide 3: Our Purpose and Mission
OUR PURPOSE We secure the future of middle-income America. OUR MISSION We secure the future of middle-income America by providing insurance and financial services that help protect their health, income and retirement needs, while building enduring value for all our stakeholders. 3
Slide 4: Year in Review
YEAR IN REVIEW Delivered another year of exceptional results; Achieved all 2025 guidance metrics 14th consecutive quarter of strong insurance sales Operational Highlights – Total new annualized premiums (NAP), up 15% – Consumer Division NAP, up 15% Records – Worksite Division NAP, up 15% – Annuity
Slide 5: Growth Scorecard
GROWTH SCORECARD Record setting production in 2025 2024 2025 Change 4Q FY 1Q 2Q 3Q 4Q FY vs 4Q24 vs FY24 1 New Annualized Premiums $108.6 $415.4 $105.7 $119.9 $125.1 $128.5 $479.2 18.3% 15.4% Consumer 91.0 353.4 91.3 101.9 106.1 108.7 408.0 19.5% 15.4% Worksite 17.6 62.0 14.4 18.0 19.0 19.8 71.2 12.
Slide 6: Consumer Division Update
CONSUMER DIVISION UPDATE Strong 2025 results; 13th consecutive quarter of sustained growth Record Life and Health NAP up 15%, up 20% vs 4Q24 Operational Highlights Life NAP up 10%; Record D2C NAP, up 20% Health NAP up 22%, up 38% vs 4Q24 – Medicare Supplement NAP up 49%, up 92% vs 4Q24; Best q
Slide 7: Worksite Division Update
WORKSITE DIVISION UPDATE Record quarter and year for insurance sales; 15th consecutive quarter of NAP growth Operational Record Life and Health NAP, up 15%, up 13% vs 4Q24 Highlights – Record Life NAP up 36%, up 46% vs 4Q24 – Hospital Indemnity NAP up 41%, up 105% vs 4Q24 – Accident NAP up 11%, up
Slide 8: Financial Highlights
FINANCIAL HIGHLIGHTS Sustained, profitable growth delivered 11.4% operating ROE1 excluding significant items Earnings Results Highlights $4.40 $3.97 Fourth Quarter 2025 $4.02 Operating EPS1 up 12%, up 10% excluding significant items $3.80 Net operating — Strength in insurance product margin and NI
Slide 9: Insurance Product Margin
INSURANCE PRODUCT MARGIN Outstanding sales performance driving growth in insurance product margins Insurance Product Margin Excluding Significant Items1 Highlights 4Q24 1Q25 2Q25 3Q25 4Q25 Annuity margin Fixed Indexed Annuities (FIA) – growth Annuity $55.0 $54.5 $54.8 $56.3 $56.4 in the block Fixe
Slide 10: Investment Results
INVESTMENT RESULTS 9th consecutive quarter of growth in net investment income1 Investment Income Investment Income Not Total Net Allocated to Product Lines Allocated to Product Lines Investment Income1 $1,243.7 $1,200.0 $1,179.6 $1,074.3 $1,200.0 $1,011.7 $200.0 $167.9 $169.4 $900.0 $900.0 $150.0 $6
Slide 11: Portfolio Composition
PORTFOLIO COMPOSITION High-quality, liquid portfolio producing solid and consistent results $31 Billion of Invested Assets1 Highlights High degree of liquidity: over 55% of portfolio in corporate and government bonds HY Corporates, 2.1% CMBS, 7.0% Municipals, 9.6% Strong credit risk profile Mort
Slide 12: Capital and Liquidity Overview
CAPITAL AND LIQUIDITY OVERVIEW Robust total capital position Consolidated Risk Based Capital (RBC) Ratio1 402% 383% 380% Managing RBC Ratio in the range of 360% – 390% RBC ratio variability expected in periods of market volatility 2023 2024 2025 Holding Company Liquidity $372 $351 Target minim
Slide 13: Guidance
GUIDANCE Return on Equity Improve run rate operating ROE by 200 basis points through 2027 Off 2024 run rate of 10% 2026 Earnings $4.25 – $4.45 operating EPS 18.8% – 19.2% expense ratio ~22.5% effective tax rate 2026 Free Cash Flow / Excess Capital $200 – $250 million free cash flow 360
Slide 14: Why Invest in CNO
WHY INVEST IN CNO Exclusive middle-market focus and “last-mile” captive distribution 1 create a durable competitive moat 2 Significant demographic tailwinds 3 Delivering growth while improving ROE and modernizing the business Proven investment results built on a foundation of strong asset quality an
Slide 15: Questions and Answers
Questions and Answers CNO FINANCIAL GROUP 15
Slide 16: Appendix 1: Quarter in Review
Appendix 1: Quarter in Review Cash Flow Profile Slide 17 Broker-Dealer/Registered Investment Advisor Slide 18 Expense Ratio Slide 19 Levers To Drive Operating ROE Slide 20 Financial Results Seasonality Slide 21 New Money Summary Slide 22 Private Credit Slide 23 Long-Term Care Insuran
Slide 17: Cash Flow Profile
CASH FLOW PROFILE For the Quarter Trailing Twelve Months 4Q24 4Q25 4Q24 4Q25 Holding Company Cash Flows: Net Dividends (Contributions) from/to Subsidiaries $ 24.7 $ 273.8 $ 163.2 $ 318.4 Management Fees 31.0 30.3 119.7 124.4 Surplus Debenture Interest 16.4 15.3 84.4 75.9 Earnings on Corporate Invest
Slide 18: Broker-Dealer/Registered Investment Advisor
BROKER-DEALER/REGISTERED INVESTMENT ADVISOR Account values up 24% YoY; Registered agent counts up 8% 2024 2025 4 4Q 1Q 2Q 3Q 4Q Net New Client Assets in Brokerage $ 60.7 $ 61.3 $ 62.0 $ 74.1 $ 67.6 Brokerage and Advisory 1 Advisory 94.2 69.4 140.4 124.2 (90.2) Total $ 154.9 $ 130.7 $ 202.4 $ 198.3 $
Slide 19: Expense Ratio
EXPENSE RATIO1 2024 2025 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Allocated & Non Allocated Expenses $ 178.4 $ 172.1 $ 171.5 $ 165.1 $ 181.5 $ 174.7 $ 173.3 $ 169.5 Allocated & Non Allocated Expenses - YTD 178.4 350.5 522.0 687.1 181.5 356.2 529.5 699.0 Significant Items2 $ - $ - $ 2.9 $ - $ - $ - $ - $ - Significan
Slide 20: Levers to Drive Operating ROE
LEVERS TO DRIVE OPERATING ROE Combination of top and bottom-line actions to improve Operating ROE Accelerating brokerage and advisory growth Products Insurance product refreshment New business terms, processing and underwriting Optimize agent count and productivity Increase synergies betwe
Slide 21: Financial Results Seasonality
FINANCIAL RESULTS SEASONALITY 1Q 2Q 3Q 4Q Seasonally highest Medicare Supplement Margin claims and surrenders Seasonally highest Mortality mortality Traditionally highest Traditionally lowest D2C Advertising Quarterly trend similar to 2025 advertising advertising Fee Income* ~1/3 income Near breakev
Slide 22: New Money Summary
NEW MONEY SUMMARY 4Q25 General Account New Money Purchases $ % GAAP YTM IG Corp BBB 260.6 16.0% 5.90% IG Corp AAA-A 260.5 16.0% 5.49% ABS CRE Rated 8.4% Loans Alternatives 6.4% RMBS 236.3 14.5% 5.29% Notes 6.9% 8.5% Residential Mortgage Loans 166.4 10.2% 6.07% CMBS 5.6% Rated Notes 139.0 8.5% 6.33%
Slide 23: Private Credit
PRIVATE CREDIT $1.5B of diversified exposure across asset managers, structures, vintages; 2,000+ underlying credits By Asset Class By Rating1 Direct Lending Infrastructure NR 26% 2% 19% A Opportunistic 32% 3% Asset Based BBB Portfolio Finance 27% Finance 51% 18% AA BB… 11% AAA B 2% 3% By Structure B
Slide 24: Long-Term Care Insurance
LONG-TERM CARE INSURANCE Highly differentiated; prudently-managed in-force block New sales focused on short duration products Recent growth due to strong sales in LTC Fundamental product 99% of new sales for policies with 2 years or less in benefits Average benefit period of 13 months for poli
Slide 25: Glossary of Terms and Definitions
GLOSSARY OF TERMS AND DEFINITIONS New Annualized Premiums - Measured as 100% of new life and health annualized premiums, except for single premium whole life deposits, which are measured at 10% of annualized premium. Fee Revenue - Represents fee revenue from the sales of third-party insurance produc
Slide 26: Tax Asset Summary
TAX ASSET SUMMARY AS OF DECEMBER 31, 2025 $205 million / $2.12 per diluted share value of remaining NOLs Value of NOLs Details $205 Remaining NOLs are expected to be fully utilized and can generally offset 80% of non- life taxable income and 35% of life taxable income Total estimated economic va
Slide 27: Appendix 2: Financial Exhibits
Appendix 2: Financial Exhibits Non-GAAP Financial Measures Slides 28 - 45 27
Slide 28: 2025 Significant Items
2025 SIGNIFICANT ITEMS The table below summarizes the financial impact of significant items on our 2025 net operating income. Management believes that identifying the impact of these items enhances the understanding of our operating results. Year ended December 31, 2025 Excluding significant Actual
Slide 29: 3Q25 Significant Items
3Q25 SIGNIFICANT ITEMS The table below summarizes the financial impact of significant items on our 3Q25 net operating income. Management believes that identifying the impact of these items enhances the understanding of our operating results. Three months ended September 30, 2025 Excluding significan
Slide 30: 1Q25 Significant Items
1Q25 SIGNIFICANT ITEMS The table below summarizes the financial impact of significant items on our 1Q25 net operating income. Management believes that identifying the impact of these items enhances the understanding of our operating results. Three months ended March 31, 2025 Excluding Actual signifi
Slide 31: 2024 Significant Items
2024 SIGNIFICANT ITEMS The table below summarizes the financial impact of significant items on our 2024 net operating income. Management believes that identifying the impact of these items enhances the understanding of our operating results. Year ended December 31, 2024 Excluding significant Actual
Slide 32: 4Q24 Significant Items
4Q24 SIGNIFICANT ITEMS The table below summarizes the financial impact of significant items on our 4Q24 net operating income. Management believes that identifying the impact of these items enhances the understanding of our operating results. Three months ended December 31, 2024 Excluding significant
Slide 33: 3Q24 Significant Items
3Q24 SIGNIFICANT ITEMS The table below summarizes the financial impact of significant items on our 3Q24 net operating income. Management believes that identifying the impact of these items enhances the understanding of our operating results. Three months ended September 30, 2024 Excluding significan
Slide 34: Quarterly Earnings
QUARTERLY EARNINGS YTD YTD 4Q24 4Q24 1Q25 2Q25 3Q25 4Q25 4Q25 Insurance product margin Annuity $ 55.0 $ 274.2 $ 54.5 $ 54.8 $ 72.9 $ 56.4 $ 238.6 Health 130.1 516.8 126.2 134.0 157.0 139.4 556.6 Life 68.0 249.0 68.2 63.6 70.6 70.0 272.4 Total insurance product margin 253.1 1,040.0 248.9 252.4 300.5
Slide 35: Information Related to Certain Non-GAAP Financial Measures
INFORMATION RELATED TO CERTAIN NON-GAAP FINANCIAL MEASURES The following provides additional information regarding certain non-GAAP measures used in this presentation. A non-GAAP measure is a numerical measure of a company’s performance, financial position, or cash flows that excludes or includes am
Slide 36: Information Related to Certain Non-GAAP Financial Measures
INFORMATION RELATED TO CERTAIN NON-GAAP FINANCIAL MEASURES A reconciliation of net income applicable to common stock to net operating income (and related per-share amounts) is as follows: YTD YTD 4Q24 4Q24 1Q25 2Q25 3Q25 4Q25 4Q25 Net income applicable to common stock $ 182.9 $ 420.8 $ 21.5 $ 91.8 $
Slide 37: Information Related to Certain Non-GAAP Financial Measures
INFORMATION RELATED TO CERTAIN NON-GAAP FINANCIAL MEASURES A reconciliation of operating income and shares used to calculate basic and diluted operating earnings per share is as follows: 4Q24 1Q25 2Q25 3Q25 4Q25 Operating income $ 138.0 $ 81.1 $ 87.5 $ 127.2 $ 143.4 Weighted average shares outstandi
Slide 38: Information Related to Certain Non-GAAP Financial Measures
INFORMATION RELATED TO CERTAIN NON-GAAP FINANCIAL MEASURES Book value per diluted share Book value per diluted share reflects the potential dilution that could occur if outstanding stock options were exercised, restricted stock and performance units were vested, and convertible securities were conve
Slide 39: Information Related to Certain Non-GAAP Financial Measures
INFORMATION RELATED TO CERTAIN NON-GAAP FINANCIAL MEASURES Operating return measures Management believes that an analysis of net income applicable to common stock before: (i) net realized investment gains or losses from disposals, impairments and the change in allowance for credit losses, net of tax
Slide 40: Information Related to Certain Non-GAAP Financial Measures
INFORMATION RELATED TO CERTAIN NON-GAAP FINANCIAL MEASURES The calculations of: (i) Operating return on equity as adjusted to exclude accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure); (ii) Operating return, excluding significant items,
Slide 41: Information Related to Certain Non-GAAP Financial Measures
INFORMATION RELATED TO CERTAIN NON-GAAP FINANCIAL MEASURES The following summarizes: (i) operating earnings; (ii) significant items; (iii) operating earnings, excluding significant items; and (iv) net income (loss): Net operating Net operating income, income, excluding excluding significant Net inco
Slide 42: Information Related to Certain Non-GAAP Financial Measures
INFORMATION RELATED TO CERTAIN NON-GAAP FINANCIAL MEASURES The calculations of: (i) operating return on equity, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure); (ii) operating return, excluding significant item, on equity, e
Slide 43: Information Related to Certain Non-GAAP Financial Measures
INFORMATION RELATED TO CERTAIN NON-GAAP FINANCIAL MEASURES A reconciliation of consolidated capital, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure) to common shareholders’ equity, is as follows: 1Q23 2Q23 3Q23 4Q23 Consolid
Slide 44: Information Related to Certain Non-GAAP Financial Measures
INFORMATION RELATED TO CERTAIN NON-GAAP FINANCIAL MEASURES A reconciliation of consolidated capital, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure) to common shareholders’ equity, is as follows: Trailing Four Quarter Averag
Slide 45: Information Related to Certain Non-GAAP Financial Measures
INFORMATION RELATED TO CERTAIN NON-GAAP FINANCIAL MEASURES Debt to capital ratio, excluding accumulated other comprehensive income (loss) The debt to capital ratio, excluding accumulated other comprehensive income (loss), differs from the debt to capital ratio because accumulated other comprehensive